Damac to use $500m sukuk to repay dues, buy lands

Dubai – Mubasher: Damac Properties aims to use the proceeds of $500 million sukuk to repay part of an earlier sukuk issuance and buy new land plots, according to the company’s chief financial officer (CFO) Adil Taqi.

The company will repay $197 million out of the total sukuk issued in 2014, with $453 million to be matured in 2019.

The remaining value of the $500 sukuk, which stands at $303 million, will be used to buy a new land in Dubai and another one in Qatar, Taqi added.